Discounted Cash Flow (DCF) Analysis Unlevered

CHS Inc. (CHSCP)

$30.01

+0.11 (+0.37%)

All numbers are in Millions, Currency in USD

Stock DCF: Infinity | 30.01 | undervalue

Operating Data

Year A/P	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Actual	2024 Projected	2025 Projected	2026 Projected	2027 Projected	2028 Projected
Revenue	31,900.45	28,406.37	38,448.03	47,791.67	45,590	50,615.41	56,194.76	62,389.13	69,266.31	76,901.56
Revenue (%)
EBITDA	1,526	856.88	1,155.38	1,925.03	1,343.50	1,799.89	1,998.29	2,218.57	2,463.12	2,734.63
EBITDA (%)
EBIT	984.49	306.63	619.88	1,388.54	803.98	1,057.53	1,174.10	1,303.53	1,447.21	1,606.74
EBIT (%)
Depreciation	541.51	550.25	535.50	536.49	539.52	742.36	824.19	915.04	1,015.91	1,127.89
Depreciation (%)

Balance Sheet Data

Year A/P	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Actual	2024 Projected	2025 Projected	2026 Projected	2027 Projected	2028 Projected
Total Cash	3,895.18	3,770.91	4,082.27	793.96	1,765.29	4,214.87	4,679.48	5,195.30	5,767.98	6,403.79
Total Cash (%)
Account Receivables	2,731.21	2,366.05	2,860.88	3,548.32	3,105.81	3,904.36	4,334.74	4,812.56	5,343.05	5,932.02
Account Receivables (%)
Inventories	2,854.29	2,742.14	3,334.68	3,652.87	3,215.18	4,248.62	4,716.95	5,236.90	5,814.16	6,455.06
Inventories (%)
Accounts Payable	1,931.41	1,724.52	2,616.05	3,063.31	2,930.61	3,215.84	3,570.32	3,963.88	4,400.82	4,885.93
Accounts Payable (%)
Capital Expenditure	-443.22	-418.36	28.01	55.21	-304.74	-338.33	-375.63	-417.03	-463	-514.04
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price	$ 30.01
Beta	0.000
Diluted Shares Outstanding	-
Cost of Debt
Tax Rate	5.35
After-tax Cost of Debt	5.48%
Risk-Free Rate
Market Risk Premium
Cost of Equity	4.310
Total Debt	2,375.58
Total Equity	-
Total Capital	2,375.58
Debt Weighting	100.00
Equity Weighting	0.00
Wacc

Build Up Free Cash

Year A/P	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Actual	2024 Projected	2025 Projected	2026 Projected	2027 Projected	2028 Projected
Revenue	31,900.45	28,406.37	38,448.03	47,791.67	45,590	50,615.41	56,194.76	62,389.13	69,266.31	76,901.56
EBITDA	1,526	856.88	1,155.38	1,925.03	1,343.50	1,799.89	1,998.29	2,218.57	2,463.12	2,734.63
EBIT	984.49	306.63	619.88	1,388.54	803.98	1,057.53	1,174.10	1,303.53	1,447.21	1,606.74
Tax Rate	-1.75%	-9.49%	-7.42%	7.30%	5.35%	-1.20%	-1.20%	-1.20%	-1.20%	-1.20%
EBIAT	1,001.72	335.74	665.90	1,287.19	761	1,070.27	1,188.25	1,319.23	1,464.64	1,626.09
Depreciation	541.51	550.25	535.50	536.49	539.52	742.36	824.19	915.04	1,015.91	1,127.89
Accounts Receivable	-	365.16	-494.84	-687.43	442.50	-798.55	-430.38	-477.82	-530.49	-588.97
Inventories	-	112.15	-592.54	-318.20	437.69	-1,033.44	-468.33	-519.95	-577.27	-640.90
Accounts Payable	-	-206.90	891.54	447.26	-132.70	285.23	354.48	393.56	436.94	485.10
Capital Expenditure	-443.22	-418.36	28.01	55.21	-304.74	-338.33	-375.63	-417.03	-463	-514.04
UFCF	1,100.02	738.05	1,033.57	1,320.53	1,743.27	-72.46	1,092.58	1,213.02	1,346.73	1,495.18
WACC
PV UFCF						-68.70	982.01	1,033.61	1,087.93	1,145.10
SUM PV UFCF										4,179.95

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	5.48
Free cash flow (t + 1)	1,525.09
Terminal Value	43,824.32
Present Value of Terminal Value	33,563.30

Intrinsic Value

Enterprise Value	37,743.25
Net Debt	610.29
Equity Value	37,132.95
Shares Outstanding	-
Equity Value Per Share	Infinity